Q BioMed Inc (OTCMKTS:QBIO) closed 2016 by signing a definitive agreement worth $4,000,000 convertible debentures, with Yorkville Advisors Global. The deal started off with a tranche worth $1,500,000. The two companies will seal the final deal, once the balance amount is paid off with effective registration of shares.
The Yorkville debentures will be converted at 7% discount or lower $4.00. the floor price, this means, shall come out to be $2.00.
Q BioMed Inc aims evolution with the deal
Denis Corin, the company’s CEO said that this partnership is aimed at evolving their company. What shall work as a “real catalyst” for this company is their recent drug, which they are speculating to produce good amount of revenue for the company. Along with that, the company also has the ready capital in hand, which in turn, shall be used for executing production, along with manufacturing or rolling out of new drugs.
The new drug of company, i.e., Strontium Chloride 89 radiopharmaceutical or SR89 is meant to treat patients suffering from metastatic bone cancer (palliation). Going forward, Q BioMed Inc is also working towards Man-01 glaucoma drug development.
SR89 doing good in the market
Available in the market for treating metastatic bone cancer related pain, SR89 is the company’s generic drug that offers long lasting benefits to the patients. The drug has found n overall acceptance among the patients where metastatic cancer is caused in lungs, prostate or breast. The drug is said to provide pain relief of non-narcotic nature among the cancer patients. Meant to enhance patients’ quality of life, this drug is doing pretty well in market. Around 80% patients, who have used this drug, have found it to be substantial in diminishing pain.
With new agreements in place and revenue-generating drug, along with capital that can work in favour, Q BioMed Inc seems to be at a favourable position right now. Will 2017 land the company is a better position than this? Let’s wait and watch.